"We will enter the 50th year of existence in September. Apart from a series of programmes, we will launch a unique Gold Jubilee policy," LIC chairman A K Shukla told PTI, adding the policy would be for all -- the rich and the poor.
LIC has filed the product with regulator IRDA for its approval, he said but declined to give details. However, LIC sources said the policy would offer life cover at an affordable rate and have different riders.
LIC is also slated to launch a micro-insurance scheme for the poor after getting green signal from IRDA and government.
The micro-insurance product is likely to offer not only life cover but also insure property, livestock and farm equipments.
For this, LIC plans tie-ups with general insurers. Apart from insurance, the insurance behemoth plans to come up with a co-branded credit card with Corporation Bank, in which it holds a strategic stake.
The country's largest insurer with assets worth over Rs 4,00,000 crore (Rs 4000 bhas set ambitious targets for its business growth in the 50th year.
Shukla said LIC targets to cross the magical Rs 1,00,000 crore (Rs 1000 billion) mark in total premium income this fiscal, a growth of 30 per cent over last fiscal's Rs 75,000 crore (Rs 750 billion).
LIC has recently reversed the trend of falling growth in premium income and is expecting 50 per cent growth in premium from new business at over Rs 18,000 crore (Rs 180 billion) this fiscal.
"Our market share is about 75 per cent in terms of new premium income but in terms of number of policies sold, it was still about 90 per cent," he said.
